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According to a report from the Finance Ministry, the Goods and Services Tax (GST) has maintained parity with personal income tax as a percentage of GDP. This is attributed by economists to consumer demand, compliance, and maybe some effects of inflation. Another opinion holds that this tendency is not ultimately resulting in a system of […]
Real businesses are suffering despite the taxmen busting the networks of bogus entities and fake ITC claims that proceeds with hundreds of crores of rupees. Between the filings of the buyer and seller, the GST data mismatch restricts the buyers to claim the input tax credit. ITC stands for Input Tax Credit, a credit for […]
On August 4, 2023, the Central Government vide notification no. 38/2023 has told the Central Goods and Services Tax (CGST), the rules of 2023. Certain rules would have been revised and also inserted new ones. A new rule 88D would have been inserted into the CGST rules through the same revision which describes the way […]
At present, natural gas is not included in the GST regime. It should either be taken under the GST regime or it would be considered for getting the input tax credit (ITC) upon the tax paid on its purchase even if it is under the VAT regime. Senior tax consultant Amit Dave, speaking at a […]
The Kerala Bench of the Authority for Advance Ruling, in the case of IN RE: M/S. CHOICE FOUNDATION – 2023 (7) TMI 570 – AUTHORITY FOR ADVANCE RULING, KERALA, ruled that because the assessee and the joint venture are two separate entities in the means of taxation, the supply of services to the joint venture […]
On 2nd August 2023, the 51st meeting of the Goods and Services Tax (GST) Council took place in New Delhi via video conferencing. The meeting was chaired by Nirmala Sitharaman, the Union Finance Minister, and attended by other officials including Revenue Secretary Sanjay Malhotra, Union Minister of State for Finance Pankaj Chaudhary, and various state […]
The companies would not be needed to deduct the GST under the reverse charge mechanism (RCM), the central board of indirect taxes and Customs (CBIC) stated on the services like immovable property furnished on rent via the directors in his personal capacity. The clarification followed the goods and services tax GST council’s decision, made at […]
The Goods and Services Tax (GST) Council, the federal indirect tax agency, has been urged to address the challenges faced by small enterprises and combat GST fraud. Amit Mitra, the principal chief advisor to West Bengal Chief Minister Mamata Banerjee, has written a letter to Union Finance Minister and GST Council Chairperson Nirmala Sitharaman, expressing […]
The penalty order issued in Form MOU-09 under Section 129(1)(b) of the Goods and Services Tax Act, 2017 was cancelled by the Allahabad High Court considering the commodities in transit were accompanied by the tax invoice, e-way bill, and bilty. The bench of Justice Pritinker Diwaker and Justice Ashutosh Srivastava relied on the Allahabad High […]
